Bajaj Corp's 4QFY16 numbers were below our expectations on all fronts. Net sales for the quarter fell by 3.2% to Rs2.3bn vs. our estimate of Rs2.5bn. Net profits too came in lower at Rs540mn as against our estimates of Rs649mn. The company reported overall volume drop of 5% for the quarter leading to poor operating performance. With initial forecasts of favourable monsoon, we expect strong recovery in volumes for the company going forward. We expect the company to report revenue and earnings CAGR of 15% and 24.1% through FY16-18E and...